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Shell PLC on Thursday said its subsidiary Shell Brasil Petroleo Ltda signed a production sharing contract to acquire a 25% stake of the Atapu field.
The London-headquartered oil and gas company said it has paid $1.1 billion to Petroleo Brasileiro SA, the operator, for the increased stake.
It will start receiving an additional share of oil from the field now.
In December, Shell acquired the rights to volumes from the Atapu field alongside Petrobras and TotalEnergies SE in a transfer of rights auction.
Atapu is a pre-salt oil field located at a in the Santos Basin of Brazil. It has the capacity to produce 150,000 barrels of oil equivalent per day.
Shares were up 1.1% at 2,154.00 pence each on Thursday morning in London.
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